Michael Burry's calling markets expensive now — but if he thinks this is rich, wait until Shiller PE hits 55, 60, or even 68. We're talking about a valuation regime that could blow past every historical comp outside of the dot-com peak. The setup: if the bull trend holds and multiples keep expanding, we're not in a bubble — we're in a *different game* entirely. Positioning matters here. Burry's been early before (and right, eventually), but timing euphoria is brutal. If flows, buybacks, and passive bid stay strong, expensive can get *much* more expensive. Watch for signs of exhaustion in breadth, credit spreads, or vol regime shifts — those are your tells, not PE ratios alone. Until then, fade the bears at your own risk. 📈